Bill:
In answer to your question, correct audit procedures would be pulling the voucher/check copy along with supporting invoice, purchase order (if applicable), verification of proper approval of the invoice, and all other Company policies and approval requirements, all the way through verification of the cancelled check.
While it is not the OUTSIDE auditors responsibility to chastise the customers for stupid or excessive expenditures, which questions are to be inqured about by an INTERNAL audit procedure, certainly SOMEONEshoul have pointed out that......
oh what the hell! Why beat this dead horse.
The new spin will be "we made mistakes in the past..." "this new team will turn things around..." ya-dah, ya-dah, ya-dah,
blah, blah, blah and y'all will eat it up.
The only thing is, not for long. Unless someone can answer my questions of yesterday about the figures showing zero accounts
receivable (except some trivial amounts from management) as of 12/31/00, (yes, zero) and 41K cash in the bank, no one is going to have to worry too long!
I really question those revised financials.
In the meantime, thank you ELON, for your performance this week. Now to sleep, perchance to dream (of 3$/gl. gasoline?)
Lizard
sleep
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